Cheddar and No. 1 Oxford Street Hotel Owners Respond to Takeover Reports

The management of No. 1 Oxford Street Hotel has denied reports that the luxury hotel has already been taken over by a court-appointed Receiver.

In a statement released on July 23, 2026, Kensington Residential Partners 1 Limited (KRP1), the company that owns the hotel, said the property is still under the control of its management and directors. It added that the hotel remains open and is operating normally.

The response follows reports that a Commercial High Court in Accra granted police assistance to UK-based Cola Holdings Limited and its appointed Receiver to take possession of the hotel.

KRP1 explained that the hotel was built with financial support from the International Finance Corporation (IFC). However, after opening in 2019, the COVID-19 pandemic affected business, making it difficult for the company to repay its loan.

According to the company, while it was discussing a loan restructuring with IFC, one of its directors, Azad Cola, through Cola Holdings Limited, claimed he had paid off the loan and later asked the company to refund him. KRP1 said it has not seen proof that the loan was fully settled by Cola Holdings.

The company also said the court order issued on July 21 does not mean the Receiver can immediately take over the hotel. It said its lawyers have already filed an appeal and other applications to stop any takeover until the case is decided.

KRP1 added that there are other court cases related to the dispute and said the latest ruling does not end the legal battle. It also claimed that Cola Holdings is trying to recover the same money from both the company and Nana Kwame Bediako, popularly known as Cheddar, in separate legal actions.

The management urged the public to ignore reports that the hotel has already been handed over to the Receiver and to wait for the courts to decide the matter.

For now, the company says No. 1 Oxford Street Hotel remains open and under its management while the legal process continues.